Sulzer Tessile Renamed SMIT, Will Assume G6300 Production

March 1, 2003

In 2002, when Italy-based Promatech acquired Switzerland-based Sultex Ltd. – formerly Sulzer
Textil Ltd. – the European Antitrust Commission expressed concern about dominance in the rapier
market. To address this concern, Sulzer Tessile S.p.A., the Italy-based subsidiary of Sulzer
Textil, became a stand-alone company after it was determined the company had the structure,
products and means to exist on its own.

At a recent shareholder meeting, the Board of Directors of Sulzer Tessile renamed the company
SMIT S.p.A., effective January 1, 2003. SMIT was the name of the weaving machine manufacturer prior
to its acquisition by Sulzer Textil.

In related news, effective June 1 of this year, Sultex no longer will manufacture its G6300
rapier weaving machine. In the future, SMIT will sell and service all G6300 model machines. Sultex
will commission all G6300 machines ordered before May 31, 2003. The decision has no impact on the
Sulzer G6200 rapier weaving machine manufactured in Switzerland.

In June, SMIT will exhibit at ShanghaiTex, Shanghai, in the ACIMIT pavilion.